Advisor Candido Viyella of Miami Barred after Allegations of Selling Away
According to the Financial Industry Regulatory Authority (FINRA) on May 10, 2021, the regulator has barred former Morgan Stanley advisor Candido Viyella from associating with any FINRA member at any time after he failed to provide testimony in its investigation.
FINRA was reportedly investigating whether Viyella participated in private securities transactions without providing prior written notice to Morgan Stanley.
According to Viyella’s broker report, between 2019 and 2020, Viyella had five customer lawsuits filed against him for allegations regarding “outside business opportunities. ” Three of the complaints are still reportedly pending.
According to an article in CityWire in December 2020, Viyella is fighting allegations he misled a Panamanian real estate company over a $1m investment in a luxury Florida hotel where he allegedly had a personal stake.
Viyella, who was reportedly affiliated with Morgan Stanley for 11 years, was accused in October 2019 of soliciting its investment in the construction of the Fort Lauderdale-based Conrad Hotel which it claims Viyella knew was facing financial difficulties, according to Citywire citing a FINRA filing.
The lawsuit was reportedly seeking $1.5 million in restitution from Viyella and his now former employer Morgan Stanley.
His FINRA broker report further indicates that Morgan Stanley discharged Viyella in 2020 “after allegations were made accusing him of participation in an outside investment involving clients for which the registered representative had a beneficial ownership interest.”.
Potential Lawsuits to Recover Financial Losses
When a FINRA registered representative conducts business outside the scope of the brokerage firm where they are registered, the act can be considered “selling away.”
Some brokers, looking to supplement their income, will go outside the traditional market, trying to find other products to push.
If a registered broker “sells away” from their firm, the brokerage firm may still be liable for negligent supervision of their broker representative and may be responsible for investment losses in a FINRA dispute resolution claim.
If you have invested with Candido Viyella and are concerned about your investments, the securities attorneys at The White Law Group may be able to help you. For a free consultation with a securities attorney, please call our offices at 888-637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois.
For more information on The White Law Group, please visit our website at https://www.whitesecuritieslaw.com.